Ouch

196 Bible Street, sold new in 2007 for $4.050 million. Sold again yesterday for $2.900. Assessment is $2.713. A beautiful home but, given its location, I’m a little surprised that it sold as high as it did.

26 Marks Road in Riverside, 0.62 acres and a tear-down, is under contract. Last ask was $1.699, assessment is $1.764

6 Comments

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6 responses to “Ouch

  1. curious

    Hi– I don’t know Greenwich (yet), but am planning to have a look around. Do you mind sharing what is wrong with the Bible St location? Thank you.

    • There is nothing particlarly bad with Bible Street, curious – in fact, there are some really nice houses on it, plus a beautiful woodland park. But traditionally it hasn’t commanded prices that similar houses in a different location would. Probably because the beginning of the street is a bit tattered – old mult-family houses, etc (and the best sausage store in town). So, put up with that and you can grab a good house at a bargain. Just don’t forget that’ll probabkly get hit with the same discount when you go to resell.

  2. George W. Crossman

    196 Bible St would have cost the owner a $1.3million + loss after conveyance and closing cost. That does not include cost of improvements, closing fees at purchase, mortgage points or interest. With all the sympathy coming from politicians these days have any suggested excluding conveyance taxes for people who are losing money? We’re all told “the people who have benefited from capitalism” should pay but what about those who have gotten hammered?

  3. Anonymous

    To buy a house on Bible for 4 million is crazy and their realtor should have told them so. They are lucky to have found someone to pay almost 3mil for it now. The new buyers will surely loose money as well when they go to sell unless they stay in it for 10 or more years. Did you see that 20 Dingleton has a contract!!! Wow! that took a long time!

  4. Sandra

    Question – would you say the same for Weaver Street?
    There are a couple of tear-down houses on for sale, one just reduced to $995K for 1 acre, 1976 house, the other across the street recently listed for $1,195K with bigger 1900 house, but more clear 1 acre lot.

    I assume they would go for less than asking (below assessed). So sub-$1M for an acre – is it worth it?

    • Sandra, I’m wary of Weaver Street, but that’s just me. I have a hard time selling over there in the west, so I shy away, but houses do trade there so obviously someone knows how to do it. I personally would not put anything close to a million into a building lot on Weaver – others might disagree. That’s what makes a horse race.